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Home Values and Ownership: New Washington's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
New Washington, located in Ohio, is a small community that has experienced notable fluctuations in its population and housing market over the past decade. The city has seen shifting trends in homeownership rates, average home prices, and average rent prices, reflecting broader economic changes and local market dynamics. The homeownership rate in New Washington has shown a general decline from 2013 to 2017, followed by a recovery in recent years. In 2013, the homeownership rate stood at 79%, which decreased to 71% by 2017. However, there has been a significant rebound, with the rate increasing to 82% in 2022. This trend in homeownership appears to have an inverse relationship with average home prices. As average home prices rose from $84,014 in 2013 to $94,729 in 2017, homeownership rates declined. Interestingly, despite continued increases in average home prices, reaching $149,111 in 2022, homeownership rates have also increased, suggesting other factors at play in the local housing market.
Federal interest rates have played a role in shaping homeownership trends. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which likely supported homeownership despite rising home prices. As interest rates began to increase more significantly from 2016 onwards, reaching 1.83% in 2018, this may have contributed to the initial decline in homeownership rates. However, the subsequent increase in homeownership despite rising interest rates suggests local factors may be outweighing national trends.
Renter percentages in New Washington have fluctuated inversely to homeownership rates. The percentage of renters increased from 21% in 2013 to a peak of 29% in 2017, before declining to 18% in 2022. Average rent prices have shown a consistent upward trend, rising from $580 in 2013 to $910 in 2022, representing a 57% increase over this period. This trend in rent prices does not appear to have a direct correlation with renter percentages, as renter rates have decreased in recent years despite rising rents.
In 2023 and 2024, average home prices in New Washington continued to rise, reaching $151,085 in 2023 and $154,223 in 2024. This represents a 3.4% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Looking ahead, based on the observed trends, we can forecast that average home prices in New Washington may continue to rise moderately over the next five years, potentially reaching around $170,000 by 2029. Average rent prices are also likely to continue their upward trajectory, possibly exceeding $1,000 per month within the same timeframe. However, the pace of these increases may be tempered by the higher interest rate environment.
In summary, New Washington has demonstrated resilience in its housing market, with homeownership rates rebounding despite rising home prices and interest rates. The inverse relationship between homeownership and renter percentages highlights the dynamic nature of the local housing market. The consistent increase in both home prices and rent prices suggests a strong demand for housing in the area, which is likely to continue shaping the market in the coming years.
